Offshore Business and Personal Bank Accounts
Contrary to current popular belief, it is not illegal to have foreign bank accounts. Some of our clients have inherited accounts from relatives. Some have business interests in foreign countries. Others may be hedging their investments in foreign currencies as part of an overall investment strategy, and still others may have established the accounts to protect their family’s assets while they were fleeing from oppressive regimes abroad.
For More Information on These Banks Being Investigated:
- Credit Suisse
- Julius Baer
- Deutsche Bank
- Bank Hapoalim
- Bank Leumi
- Basler Kantonalbank
- Neue Zuercher Bank
- Zuercher Kantonalbank
- Liechtensteinische Landesbank
- Mizrahi-Tefahot Bank
The IRS has made cracking down on offshore tax evasion a top enforcement priority, the IRS considers failure to report foreign financial accounts to be tax evasion. Pressure can only be expected to increase on U.S. taxpayers with undisclosed foreign accounts. A Voluntary Disclosure provides U.S. taxpayers with previously undisclosed offshore accounts a way to avoid the harshest penalties and potential criminal prosecution.
On January 9, 2012, the IRS introduced the reopening of its Offshore Voluntary Disclosure Program for Undisclosed Offshore Accounts! To enter this program taxpayers with undisclosed accounts must file a Voluntary Disclosure.
Thorn Law Group Can Help Boston Residents Bring Offshore Personal and Business Bank Accounts into Compliance!
At Thorn Law Group, our focus is on helping taxpayers come into and remain in compliance with all issues related to their offshore accounts. Thorn Law Group currently represents numerous individuals, trusts and companies, helping them to navigate the intricacies of Voluntary Disclosures of their offshore accounts to the Internal Revenue Service. Furthermore, Thorn Law Group’s attorneys are intimately familiar with the program’s benefits, requirements and process.
For a consultation about your Boston offshore bank account or Massachusetts offshore business account, contact Kevin E. Thorn, Managing Partner, at email@example.com or (617) 692-2989.